Articles Archive - Page 6 of 7

03.24.2021

Military Tax Return Resources

The IRS has a variety of military tax return resources to help members of the military, veterans and their families navigate the unique and sometimes complex circumstances that come with filing taxes while in the military.

03.02.2021

How to Calculate Child Support in PA

In Pennsylvania, child support paid by one parent to the other parent is calculated using the “income shares” model so that each parent’s share of the basic support obligation is proportional to his or her monthly net income. The amount of support will generally be based upon the parents’ combined monthly net incomes and the number of children being supported. Pennsylvania has adopted a chart showing the presumed …

02.25.2021

Grounds for Full Custody of Child

When parents are separating, it is common to hear one or both of the parents addressing grounds for full custody of the child. If this sounds like something you have said, know that it is important to clarify what it is you are seeking. Are you seeking the right to make all decisions regarding your child, without input from the other parent? Are you seeking …

02.18.2021

Who Keeps the House in a Divorce?

A brown house with an attached garage and yard in the front

Often, the largest asset a couple has is the house that they live in together. If your house was purchased during the marriage, then it is considered a marital asset which must be divided if you and your spouse get divorced. This is true regardless of whether both of your names, or just one of your names, are on the deed. If there is a …

02.05.2021

Name Change After Divorce

Man holding a notebook that says change your name on the front

Interestingly, name change after divorce is one of the least expensive and most simple processes associated with divorce. Your divorce attorney can prepare a one page, notarized document to file called a Notice of Intention to Resume a Prior Surname. You can assume any surname which you have used previously with no hearing required. The process of legally changing your last name after divorce usually takes less …

01.05.2021

A Checklist for Filing Taxes After Divorce

women with a calculator and laptop in front of her working on a tax spreadsheet

Divorce changes a lot of things and taxes are on that list. Newly divorced people should know how ending a marriage can affect their tax situation. Here is a checklist of items to help when filing taxes after divorce: Name and address changes Name. When a name changes through divorce, it is important to report that change to the Social Security Administration. The name on …

12.30.2020

Custody and Parenting Plan FAQ

parent holding their toddler and coloring with them

Is physical custody the same as legal custody? What does it mean to have legal and physical custody? The process of divorce can easily make a parent overwhelmed with all of the details involved in creating and implementing a child custody agreement. There are many things to learn. One of them is understanding the often-confused terms; physical and legal custody. Let’s a take a look …

12.11.2020

ABLE Accounts: Valuable Benefit for Taxpayers with Disabilities

piggy bank with financial security written on it

ABLE Accounts: Valuable Benefit for Taxpayers with Disabilities Living with a disability can come with additional expenses. Achieving a Better Life Experience accounts (ABLE accounts) are authorized tax-advantaged 529A accounts that help disabled people pay qualified disability-related expenses. What is an ABLE Account? Here are some key things people should know about these accounts. Annual Contribution Limit The limit remains $15,000 in 2021. Certain employed …

08.18.2020

Is Unemployment Taxable Income?

Recent events have more Americans receiving unemployment compensation benefits. Americans receiving unemployment compensation benefits should take steps now to avoid a nasty surprise on their tax bills next year. Is money received as unemployment compensation considered income? Yes. Money received as an unemployment compensation benefit is considered to be “income.” Therefore, unemployment compensation tax is usually subject to the same tax requirements as all other …

08.18.2020

What You Should Know About the Home Office Tax Deduction

Recent events have more Americans working from home. This can influence how they can file for a home office deduction. The home office tax deduction allows qualifying taxpayers to deduct certain home expenses on their tax returns. Understand the home office tax deduction and whether you can claim it: Employees are not eligible to claim the home office tax deduction. The home office deduction Form 8829 …

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